U.S. CFTC Chair to Restrict State-Level Regulators’ Intervention in Prediction Markets

According to The Information, U.S. Commodity Futures Trading Commission (CFTC) Chair Michael Selig announced that the agency is moving forward with efforts to limit states’ interference in prediction markets, aiming to prevent state-level regulatory measures from hindering—or even killing—the industry’s development. Reports indicate that Selig himself is a sports enthusiast, with numerous sports memorabilia displayed in his office—a sign of his long-standing interest in sports prediction markets. Since assuming office several months ago, he has moved swiftly on related initiatives, seeking to establish a more permissive federal regulatory environment for prediction markets and enabling more U.S. users to participate in prediction trading on sports events and other outcomes.